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White House crypto adviser Patrick Witt rejects Jamie Dimon's view on regulating yield-bearing stablecoins as banks
Witt argues the Genius Act prevents stablecoin issuers from lending reserves, differentiating them from traditional banks
The debate centers on whether yield-bearing stablecoins should face bank-like regulations including capital and liquidity rules.
Deep Dive
White House crypto adviser Patrick Witt has countered JPMorgan CEO Jamie Dimon's assertion that stablecoin issuers paying interest should be regulated as banks. Witt stated that stablecoins do not need to be treated as deposits because the Genius Act prohibits issuers from lending the reserves that back their tokens.
Dimon had argued that stablecoin issuers paying interest on customer balances should face the same regulations as traditional lenders, intensifying the discussion around U.S. crypto regulation. He also addressed the withdrawal of support for the proposed Clarity Act by Coinbase CEO Brian Armstrong, suggesting a distinction between rewards on transactions and interest on stored balances. Dimon believes that firms acting as deposit-taking institutions should adhere to bank standards, including capital and liquidity rules, anti-money laundering controls, and federal deposit insurance.
Witt clarified that the necessity for bank-like regulations stems not from paying yield on a balance itself, but from the lending out or rehypothecation of the underlying dollar reserves. He highlighted that the Genius Act explicitly forbids stablecoin issuers from engaging in such practices, asserting that "Stablecoins ≠ Deposits."
The Genius Act, signed into law previously, is a significant piece of crypto legislation. Its provisions, as highlighted by Witt, are central to the argument against regulating yield-bearing stablecoins as traditional banks. The act's prohibition on lending reserves is a key differentiator.
Source, catalyst, and sector overlap from the latest feed.
Crypto-related equities saw large gains at the Wednesday open, rebounding from Tuesday's selloff.
Bitcoin supply thin between $72,000 and $80,000, indicating potential for rapid price movement. Approximately 1% of circulating supply is in the $72,000-$80,000 range, suggesting limited resistance. Over 400,000 BTC were accumulated between $60,000 and $70,000, showing strong support below current levels.
CoinDesk 20 Index trading at 2029.47, up 3.9% since Tuesday. Eighteen of 20 assets in the CoinDesk 20 are trading higher. Solana (SOL) led performers, gaining 5.6%. Aave (AAVE) also performed well, rising 5%.
Former Binance global communications lead Brad Jaffe hired as CCO at KAST. KAST is a stablecoin firm focused on international entrepreneurs and digital asset users. KAST has made over 300 hires in the past year across engineering, product, and compliance.
Sui's native stablecoin USDsui has launched. Yield from USDsui's backing assets will be used to repurchase SUI tokens or deploy to DeFi protocols. This model contrasts with Tether and Circle, which retain yield externally. USDsui is issued by Bridge, a stablecoin firm acquired by Stripe.
UK House of Lords questioned Coinbase executive on stablecoin risks and financial stability. Coinbase argued regulated stablecoins are safer than uninsured bank deposits and can reduce payment costs. Concerns raised about stablecoins triggering bank deposit drains and facilitating illicit finance. UK risks falling behind US and EU in stablecoin innovation due to overly strict proposed regulations.
Cardano founder Charles Hoskinson criticizes the CLARITY Act as "horrific" and "trash." Hoskinson argues the bill could classify all digital assets as securities, harming new crypto projects. He disagrees with Ripple CEO Brad Garlinghouse's support for the bill, questioning the rush to pass it. The CLARITY Act could lead to increased SEC oversight and regulatory ambiguity for the crypto industry.
White House advisor Patrick Witt disputes JPMorgan CEO Jamie Dimon's claims on yield-bearing stablecoins. Witt argues stablecoin issuers under the GENIUS Act cannot lend reserves, unlike banks. The dispute is stalling the passage of the broader CLARITY Act for U.S. crypto regulation. Coinbase offers 3.5% yield on USDC, a rate traditional banks struggle to match.
CFTC Chair Mike Selig indicates U.S. perpetual futures are expected within the next month. This regulatory clarity could bring institutional capital back to the U.S. derivatives market. Onchain perps leader Hyperliquid faces both opportunity from increased demand and threat from regulated U.S. alternatives. Perpetual futures volume is expected to increase, with potential for both onchain and centralized venues to capture growth.
South Korea proposes capping major shareholder stakes in crypto exchanges at 20% Exchanges will have three years to comply, with potential extensions for smaller platforms Major exchanges like Upbit and Bithumb currently exceed the proposed ownership limit The move could impact competition and innovation within the South Korean crypto market
Whales accumulated Bitcoin at $63,000 during retail panic selling, preceding a bounce above $68,000. Pepeto presale has raised over $7.4M with 209% APY staking, indicating strong accumulation during market fear. XRP is holding near $1.40 despite significant Binance inflows, suggesting underlying buyer support. The article suggests a pattern of smart money accumulation during fear, similar to past Bitcoin rallies.
KAI Exchange denies rumors of a Dassault Falcon 6X aircraft transaction involving 4.1 Bitcoins. The exchange states the reported transaction was fabricated false news by third-party media. KAI Exchange conducted a system drill on March 1, 2026, with a reference Bitcoin quote of $4.949 million. The aircraft's reported sale price does not align with the 4.1 Bitcoin equivalent.
SHIB exchange reserves have fallen to 80.9 trillion tokens, a decrease of over 1.6 trillion since mid-January. Whale activity includes a significant withdrawal of $394,000 worth of SHIB from CoinOne. Futures markets show short-sellers dominating with a long-to-short ratio of 0.91. SHIB price is trading at $0.00000558, needing to reclaim $0.000006 for a technical floor.
Bitcoin dropped to $63,000 following US and Israeli strikes on Iran. Crypto markets acted as a real-time sentiment gauge for geopolitical events over the weekend. Traditional markets are exploring extended trading hours, while crypto operates 24/7. Tokenized assets like gold (XAUT) and prediction markets saw increased weekend trading volume.
Coinbase CEO Brian Armstrong states crypto fundamentals are stronger than ever. Institutional adoption and sovereign demand for digital assets are increasing. Coinbase Premium gap indicates strong U.S. institutional buying of BTC at higher prices. Downturns are a natural return to the mean for scarce assets like Bitcoin.
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Solana price approaches critical resistance band between $88.5 and $89.3. Limited supply pressure observed until the $95-$96 region. RSI has climbed above the neutral 50 level, indicating strengthening bullish momentum. Potential for SOL to reach $100 if consolidation breakout occurs.
Key Insights: Circle (CRCL) stock rally has not cooled since its latest earnings report. It accelerated again on Monday, extending a double-digit daily gain of 15% for the second day. The gains in the crypto stock extended the run to roughly 60% since last week’s fourth-quarter release, as investors leaned into stablecoin-linked stocks while the […] The post Circle Stock Rallies for a Second Day, Notches Another Double-Digit Move appeared first on The Coin Republic.
Oracle provider RedStone deploys price feeds on Stellar as the network expands DeFi infrastructure and experiments with lending and tokenized assets.
Ripple Prime CEO describes this as an important milestone for the nonbank prime broker.
Shiba Inu exchange reserves are nearing the 80 trillion token threshold, indicating a potential shift from trading to long-term holding. Over two trillion SHIB tokens have been removed from exchanges recently. Despite outflows, SHIB's price remains under pressure, trading below key moving averages. Decreased exchange supply could amplify upward price movements if market sentiment improves.
Key Takeaways: Ethereum’s network throughput has hit an all-time high across L1 + L2s, driven largely by Base and Polygon […] The post Ethereum News: Record Network Activity Still Can’t Break the $2K Wall appeared first on Coindoo.
Cardano trading volume increased by over 23% in the past 24 hours, reaching $834 million. ADA price is testing the $0.30 resistance level, last seen on January 31. Midnight Network mainnet launch is expected later this month, enhancing Cardano's privacy features. Google Cloud and Vodafone are now supporting Midnight Network validators.
KT DeFi offers cloud mining and DeFi services for passive income generation. Users can rent computing power to mine cryptocurrencies like BTC, XRP, DOGE, and ETH. The platform provides automated yield solutions with daily profit settlements. KT DeFi supports millions of users globally and has been operating since 2019.
Bitcoin rose to $71,928, its highest value in nearly a month.
Analyst Trader Tardigrade predicts Dogecoin could reach $1.60-$2.20 this year based on fractal analysis. This target implies a market cap increase from $15.68 billion to $230 billion, approaching Ethereum's current valuation. Recent Dogecoin ETFs saw inflows of $779,000 as of March 2, breaking a 30-day no-flow streak.
Stellar (XLM) has printed a golden cross on its hourly chart, indicating potential for a bullish rebound. XLM price has increased over 5% in the last 24 hours, with trading volume up 4.41%. RSI is at 64, suggesting the asset is not overbought. This follows a death cross and a 37% price drop in February.
Tesla's robotaxi event and FSD v13 demo scheduled for late March/early April are key catalysts. Analysts are divided with price targets ranging from $25 to $600, consensus around $396-$450. Energy storage segment shows strong growth with 2026 guidance of 100+ GWh, potentially offsetting EV margin pressure. Q1 deliveries missed expectations at ~400K, impacting near-term sentiment.
XRP open interest reached $2.23 billion, an 8% increase. Short positions totaling $2.85 million were liquidated in the last 24 hours. XRP price increased 5.17% to $1.41 amid broader market rebound. Ripple is enhancing XRPL security and expanding its payments network.
Signal context only. Validate with price action, liquidity, and risk limits before taking a position.
